Ethereum Resilient: ETH Reclaims $3,000, what’s Next before Spot ETFs?

Ethereum is steady when writing, trending above $3,000. ETH bulls must break above $3,300 for the uptrend to remain

Written by: Dalmas Ngetich • Friday, July 12, 2024 • 2 min read

• Last updated: Friday, July 12, 2024

Ethereum is steady, printing encouraging higher highs at press time. Though Bitcoin is falling, the expansion in ETH means the coin is driven more by fundamental factors and not technical candlestick arrangements. In light of this, traders might choose to track the token closely. Any uptick above $3,300, cementing the coin above the $3,000 round number, will be massive for sentiment. Eyes will also be on the United States SEC and its pronouncements on spot ETFs.

So far, Ethereum is in green, outpacing Bitcoin. In the previous day, it is steady, down roughly 2%. Because of this week’s gains, bulls have peeled back all losses posted on July 5. What’s needed in the short to medium term is a firm breakout above $3,300. ETH will likely fly if trading volume expands beyond the current $15 billion, lifting prices above $3,300.

Ethereum Daily Chart for July 12

Traders and investors are looking at the following trending Ethereum news:

Though Ethereum is muted at press time, some traders are confident. In a post on X, one said there is a similarity between the current price action and that of Bitcoin before it jumped by 200%.
According to one Bitwise executive, the eventual approval and launch of spot Ethereum ETFs will usher in a new asset class. Specifically, tokenization will blossom in the coming months, with the first smart contracts platform playing a crucial role.

Ethereum Price Analysis

ETH/USD is steady when writing, increasing as buyers target to reclaim $3,300.

From the technical candlestick arrangement, the level is a key liquidation line that must be broken.

As things stand, Ethereum has support at $3,000, but a drop below $2,800 will be significant.

Looking at the state of affairs, aggressive traders might choose to fade the uptrend, shorting on every high below $3,300, targeting $3,000 and $2,800. In this way, they will be trading with the bear bar of last week.

Meanwhile, conservative, risk-averse traders can wait for a clean break above $3,300 before loading on dips with targets at $3,700.

If ETH collapses, losses below $2,800 will accelerate the dump to $2,500.